Cardano Founder Predicts Only ‘Real’ Cryptocurrencies Will Survive the Market Crash

cryptonews.com:

Only ‘real’ cryptocurrencies will endure the current market turmoil, according to Cardano founder Charles Hoskinson.

In an X post on 5 August , Hoskinson warned that an economic downturn in Japan could trigger a cascade of negative effects across broader markets, including the cryptocurrency sector. He stressed that while short-term market volatility is inevitable, the long-term outlook for cryptocurrencies remains positive, especially for those with “integrity and utility”.

Japan blowing up could cascade into the greater markets, including crypto on the short term. Moonboys will flood X and bark like babbling idiots about how project founders have failed and are evil; regardless, the macroeconomic caravan goes on.

Markets are not above the reality… https://t.co/3sPVKIey3Y

— Charles Hoskinson (@IOHK_Charles) August 5, 2024

Hoskinson’s statement reflects a growing sentiment within the crypto community that the industry is maturing beyond speculative frenzy. He further elaborates that the current market conditions will likely separate the wheat from the chaff, with only those cryptocurrencies offering tangible value and real-world applications able to withstand the storm.

Despite the challenging market environment at the moment, Hoskinson remains optimistic about the long-term prospects for cryptocurrencies, arguing that they represent a fundamental shift away from traditional fiat systems.

The Cardano founder’s comments come as stock markets around the world suffered huge falls on Monday – starting with Japan’s Nikkei, which plunged 12%, the biggest one-day drop since the Black Monday crash of 1987.

The rout began in Asian markets on Monday and spread to European and United States (U.S.) markets later in the day.